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Andhra Pradesh
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Hyderabad
Credit cardholders declare ‘payment holiday’
HYDERABAD: Members of the Credit Card Holders Association of India, Andhra Pradesh branch, have given a call to stop payment of interest on loans and credit cards from Sunday to protest against the alleged use of ‘muscle power’ for recovery of loans by various financial institutions.
The association members declared a ‘payment holiday’ from Sunday and said that they would continue to stop payment till the State Government constitutes a committee to look into the alleged atrocities of recovery agents.
They demanded at a press conference on Saturday that the Reserve Bank of India come out with fresh guidelines on rate of interest on credit cards to solve the issue.
“We are calling upon the general public to co-operate and observe the ‘payment holiday’ to mount pressure on the Government and RBI,” association president B.V.S. Prasad Chowdhary said.
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